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Malta Has Presented Its Final Submissions For A Crucial Second Moneyval Test

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Malta has presented its final submissions for a crucial second Moneyval test, Finance Minister Clyde Caruana confirmed earlier today.

Speaking at a press conference, Caruana noted that the ministry has worked diligently to complete its final submissions before a Moneyval plenary meeting next month.

“We’ve submitted everything from the government’s side,” he said. “I want to congratulate all those who worked hours and hours on this report.”

These submissions mark the final stage before the publication of the Moneyval report, the outcome of which could have huge ramifications on Malta’s economic standing in the international arena.

After failing a Moneyval test back in September 2019, Malta was given one year to address its shortcomings in its anti-money laundering regime. However, former US Chargé d’Affaires Mark Schapiro said the timeline has since been extended by a few months in light of the COVID-19 pandemic.

Malta could be grey-listed if it fails these tests, a consequence that many, including the Malta Employers’ Association, have warned could be as devastating as the pandemic itself.

Over the past few weeks, the police force has made major strides in tackling financial crime, including the arrest of former OPM chief of staff Keith Schembri, Nexia BT’s Karl Cini and Brian Tonna, on charges of money laundering, corruption and fraud, amongst other things.

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